You did the research, you saved the money and now you have your dream car,
but what happens if you’re in an accident? The value of your new car dropped
immediately when it left the dealer’s lot, and most insurance policies settle
losses based on the actual, depreciated value.
Your claim settlement may not be enough to replace that dream car from the
dealer or even enough to pay off your loan, leaving you with no transportation
and a debt to the bank.
Cincinnati combines two great coverages on one endorsement, for one price,
to address this need. Add our optional Replacement Cost Plus coverage within 30
days of your purchase of a new car that is of a current or previous model year
and has less than 1,000 miles on it. If you total your car, instead of the
depreciated value, you receive either:
- a new car, straight off the dealer’s lot -- You receive a brand new auto
when your loss is due to a covered total collision or other-than-collision loss
(excluding fire, theft, vandalism, or damage to your auto while stolen).
Whenever available, your new car will be of the same make, model and equipment
of the car you lost , or
- the balance of your loan -- You receive the value of your car plus any
additional amount you need to pay the balance of your loan when your loss is
due to fire, theft or vandalism or to damage to your auto while stolen.